07:24 AM EST, 03/08/2024 (MT Newswires) -- Goodyear Tire & Rubber ( GT ) plans to close its plant in Malaysia on June 30 as part of a restructuring program that targets $1 billion in cost reductions by 2025, according to reports published as early as Thursday.

Reuters cited the company and Malaysia's investment promotion agency in its report. In a Friday statement, the country's Ministry of Investment, Trade and Industry and the Malaysian Investment Development Authority said the shutdown will impact about 550 employees and that they are "taking proactive and positive steps" in response to the planned shutdown.

Goodyear did not immediately respond to MT Newswires' request for comment.

Price: 12.43, Change: +0.05, Percent Change: +0.4